Any drainage district organized under any laws of the State of Mississippi is hereby authorized to transfer to any master water management district created under this chapter, within which such drainage district is located, any surplus funds of such drainage district to be used for any lawful purpose for which such master water management district is authorized to use funds, including but not being limited to the payment of any costs incurred for engineering work, legal services, costs of publication and other administrative expenses, and any other necessary preliminary expenses.
The transfer of such funds is authorized to be made, in the discretion of the commissioners of any such drainage district involved, after the appointment, as provided by law, of commissioners for any such master water management district.
No funds shall be transferred under the provisions of this section that are needed and required to pay and retire bonds and interest due and owing by such district, or needed and required to pay debts and obligations previously incurred by said district and unpaid. If any part of such districts so transferring such funds is not embraced in the new master water management district, then such transferring district shall retain such funds as may be needed and necessary to service that part of said district not embraced in the master water management district.
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